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The global reading glasses market size stood at USD 34.92 billion in 2018 and is projected to reach USD 53.23 billion by 2026, exhibiting a CAGR of 5.4% during the forecast period.
Reading glasses are the types of spectacles used to aid in vision when a person is not able to read the content properly. This can be attributable to various ocular disorders, such as hyperopia, astigmatism, presbyopia, and many more. Growing prevalence of these conditions, especially among the geriatric population is projected to increase the demand for reading glasses across the globe. The market is mainly driven by the developed regions owing to high adoption of premium branded products and strong growth of OTC readers in these regions.
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Increasing Demand for Trendy Designs and Branded Products in among the Young Population
The consumers are more interested in buying fashionable looking frame designs such as cat eye frames, frames based on the face shape, frames designed with specific materials such as wooden frames, and other frames such as double bridge frames. The eyeglasses frame styles are constantly being revolutionized and the growing introduction of advanced frame styles is a popular reading glasses market trend. Moreover, advancements in the material of eyeglass frame for example use of polycarbonate, titanium, or stainless steel, etc. are projected to boost the demand for trendy designs of reading glasses in the coming years.
Growing Prevalence of Ocular Disorders and Increasing Need of Vison Correction to Fuel Growth
Over the past few years, a demographic shift towards aging population has been witnessed across the developed regions. This is more prevalent among the population of over 40 years old. According to the World Health Organization, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. With age, degeneration of the eyes results into visual disabilities such as difficulties in reading smaller prints or small objects clearly. The prevalence of presbyopia is increasing at a significant rate among adults. According to the American Academy of Ophthalmology, in 2015, there were 1.8 billion people (25%) with presbyopia globally. Among them, the global unmet need for presbyopia correction was 45%. Moreover, the prevalence of corneal astigmatism has been largely reported to occur among the older people. Thus, growing aging population, increasing prevalence of ocular disorders, and rising usage of mobiles, computers, and other gadgets are likely to drive the reading eyeglasses market growth during the forecast period.
Expansion of Online Sales Channels to Drive Growth
The increase in the sales of reading glasses through online sites, growing internet penetration in the emerging nations, growing use of the mobiles, changing buying behavior of the customers to prefer online portals are likely to drive the market growth during the forecast period. Moreover, redesigning of the sales and marketing strategies by leading players to address this buying behavior and to target proper distribution channel would further propel the sales in the near future.
Limited Awareness about Ocular Disorders and High Cost of Frames to Slow Sales of Reading Glasses in Emerging Regions
Visual disabilities are common among the population across the globe. Despite this, the market is highly underpenetrated, especially in the emerging regions of the world. This is attributable to the limited awareness about ocular disorders and availability of advanced technologies to cure them. Moreover, high cost of frames and lenses and unaffordability to buy them in economically weak nations are likely to hinder the market growth. For instance, as per the study conducted among the Indian taxi drivers by a leading manufacturer of eyeglasses, it was found that, out of 2100 taxi drivers tested, more than 25% were unaware that they required vision correction glasses. Moreover, poor accessibility for corrective lenses limits the market growth. Currently, there is just one eyeglass store per 70,000 people which should be at least one against 10,000 people in India.
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18-64 Years Age Group Segment to Dominate the Global Market
Based on age group, the market is segmented into less than 18 years, 18-64 years, and 65 years above. Among them, the 18-64 years age group segment held a dominating reading glasses market share in 2018. This was attributable to the growing prevalence of visual impairments among the adults such as presbyopia, hyperopia, and farsightedness. These refractive errors result in difficulties in focusing on closer objects. Along with this, the growing usage of computers and smartphones for working as well as entertainment purposes are projected to increase ocular problems, further resulting in an increased demand for reading glasses for this age group. The segment is projected to continue its dominance throughout the forecast period expanding at a significantly high CAGR.
Prescription Reading Glasses Segment to Hold Lion’s Share in The Market
In terms of type, the market is segmented into prescription reading glasses and OTC reading glasses, also known as readymade reading glasses. Among them, the prescription reading glasses segment held significantly high market share in the year 2018. The segment is also projected to expand at the highest growth rate throughout the forecast period. This is attributable to the growing importance of choosing the correct eyeglasses strength among the population. Moreover, the disadvantages of off-the-shelf/OTC readers such as availability of the same corrective strength for both eyes, headache due to wrong reading glass strength chosen, and comparatively poor quality of glasses in terms of durability and scratch resistance are some of the factors responsible for the growing preference of prescription reading glasses.
Online Sales Channels to Emerge as New and Effective Platform to Target Consumers
In terms of distribution channel, the reading eyeglasses market is segmented into retail stores, online sales channels, and ophthalmology clinics. Among them, the retail stores segment dominated the market in the year 2018. However, growing preference of online purchase of the spectacles, increasing focus of leading players to target online channels, huge discounts offered, and convenience of shopping are some of the major factors expected to drive the growth of online sales channels segment throughout the study period.
North America Reading Glasses Market Size, 2015-2026 (USD Billion)
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The reading glasses market has been segregated into the regions such as North America, Europe, Asia pacific, Latin America, and the Middle East & Africa. The reading glasses market size in North America stood at USD 14.32 billion in 2018. The dominance of the region was associated with the increasing sales of premium brands, high cost of the products in the U.S., growing prevalence of presbyopia among the population, and strong presence of leading players with wide distribution network in the country. Europe held the second largest market share of reading glasses majorly due to the presence of the top manufacturers in countries such as Italy, the U.K., and Germany, presence of huge geriatric population with high prevalence of refractive errors, and high awareness about the advanced products among the population in this region. However, Asia Pacific is projected to exhibit strong growth owing to the facts such as increasing focus of players to penetrate the untapped market and launch of products in semi-premium and lower cost range to be affordable to the economically weaker zones.
Diverse Portfolio and Strategic Partnerships to Expand the Geographical Presence Are Key Growth Strategies
Competitive landscape of the reading glasses market depicts that the market is fragmented with the presence of many local and international players. However, consolidation of the market has been an important trend that is witnessed in the market. For instance, in October, 2018 Essilor International SA merged with an Italian eyewear company called Luxottica Group SpA. This merger has resulted in the creation of a giant in the eyewear industry. The key international players in reading glasses industry include Bausch & Lomb Incorporated., EssilorLuxottica, Carl Zeiss, and others. Moreover, key players are engaged in partnerships with local players or sales channels to expand their footprints across globe.
An Infographic Representation of Reading Glasses Market
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The reading glasses market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key reading glasses industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD billion)
By Age Group
By Distribution Channel
Fortune Business Insights says that the global market size was USD 34.92 billion in 2018 and is projected to reach USD 53.23 billion by 2026.
In 2018, the market value stood at USD 34.92 billion.
Growing at a CAGR of 5.4%, the market will exhibit steady growth in the forecast period (2019-2026).
Prescription reading glasses is the leading segment in this market.
Growing prevalence of presbyopia is the leading factor driving the market.
EssilorLuxottica is the leading player in the global market.
North America held the highest market share in 2018.
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